INR Recovers In Intraday Moves, NIFTY50 At Three Week High

Published on Sep 04, 2023 13:23

The Indian Rupee was a decent spike in intraday moves as good gains in local equity markets clubbed with a modest pullback in the US dollar index supported the currency. The INR fell near 82.80 per US dollar in spot interbank market before turning around and currently quotes at 82.69, still down 7 paise on the day. The NIFTY50 index spiked to a three week high above 19500, keeping INR buttressed as soaring crude oil prices threated to hurt the local currency. WTI Crude oil futures spiked to a ten month high of $86 per barrel today. On the NSE, the USDINR futures flipped back from a high of 82.85 and currently quotes at 82.76, down marginally on the day.